World of Oil ///

Brazilian giant Petrobras has made a new oil find in the shallow waters of the Campos Basin, saying the discovery holds estimated recoverable reserves of 25 million bbl. Petrobras said the 4-PM-53 well hit a 420-ft net pay column of 20°API oil. The well lies close to existing platforms in the Pampo and Bicudo concessions. The company plans to use platforms at Bicudo to develop the discovery, with first oil expected later this year.